The EU bonus cap has been moving its way through the EU legislative process as part of CRD IV (implementing Basel III in Europe) for much of this year. It became final on June 27th when it was published in the EU’s “Official Journal.” Because the text met the July 1st publication deadline (after being translated into the EU’s official languages), the cap will take effect on January 1, 2014, applying to compensation for performance starting on that date.